
Credit Card Terminology
Flashcard
•
Instructional Technology
•
7th Grade
•
Easy
Rebecca Dunhem
Used 1+ times
FREE Resource
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12 questions
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1.
FLASHCARD QUESTION
Front
Annual Fee
Back
This is the charge from a credit card company each year for use of that credit card. Not all credit cards have this fee.
2.
FLASHCARD QUESTION
Front
Balance
Back
The amount of money owed on a credit card account.
3.
FLASHCARD QUESTION
Front
Credit
Back
Borrowed money that you can use to purchase goods and services, which you agree to pay back over time. It is a promise to pay someone later.
4.
FLASHCARD QUESTION
Front
Credit Card
Back
A payment card where the credit card company pays for an item and allows the customer to pay off the full balance over time, charging interest until paid in full.
5.
FLASHCARD QUESTION
Front
Credit Limit
Back
The maximum amount a credit card company allows you to charge on your card, based on your ability to handle debt.
6.
FLASHCARD QUESTION
Front
Debit Card
Back
Different from credit cards, debit cards allow you to make purchases similar to a credit card and access ATMs, deducting the specified amount directly from your checking account.
7.
FLASHCARD QUESTION
Front
Debt
Back
The money that is owed to someone else. If you have credit card debt, you owe money to the credit card company.
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